Realtors report steady sales

Saturday

Mar 12, 2016 at 2:01 AM

By Lorelei Stevens lstevens@capecodonline.com

WEST YARMOUTH — The number of residential real estate closings logged in February was pretty much on par with the same time last year, but, for the second consecutive month, Realtors reported strong buyer interest and a high number of sales set to close in the coming weeks.

Statistics released by Cape Cod & Islands Association of Realtors on Friday showed 453 single-family home sales pending at the end of February, a nearly 120-percent increase over February 2015 when there were 206 pending sales.

“There is a lot of confidence and a lot of activity,” said Jack Cotton, a long-time Osterville Realtor specializing in luxury properties and now affiliated with Sotheby’s International Realty.

A total of 252 residences sold in February, according to the Realtors’ statistics — 205 single-family homes and 47 condominiums. In February 2015, 233 residences — 192 single-family homes and 41 condos — sold.

The median sales price in February for single-family homes was $335,000 down 8.9 percent from the same time last year. In contrast, February’s median condo sales price jumped 64 percent from the previous year, climbing to $371,000 from $225,000 in 2015.

Because the number of condo sales was relatively low, it would take only a few higher-priced sales to explain the median price jump. But, while condo prices have been declining overall — the 2015 median was $265,000, down 2.5 percent compared with $275,000 in 2014 — there is one new, high-end complex in the picture that might affect the numbers.

Heritage Sands, a 63-cottage complex on Old Wharf Road in Dennis Port on the site of a former RV park, sold its first home less than two years ago; 17 remain available. According to the developer, Rob Brennan of Cape Built Development, the base prices for the remaining units range from $460,000 to $1.1 million.

“We sold one in February … for $869,631, and a couple more are closing in March,” he said. “By bringing oceanfront cottages back, we’ve found a formula that works.”

Recent stock market fluctuations may have led some investors to adopt a wait-and-see attitude toward buying luxury real estate, but Cotton said he was seeing more buyers coming out to look at “high, high-end” residences.

“Real estate is like gold you can use,” he said. “You can buy it and enjoy it and change your life. The value will go up and down but the overall trend will always be up.”

Meanwhile, Realtors in general continue to express concern about not having enough houses to sell.

At the end of February, there were 2,170 single-family homes and 511 condos listed for sale in the Cape Cod & Islands Multiple Listing Service, according to the Realtors report. Last February, there were 2,751 single-family homes and 628 condos listed as active for sale.

“Spring has been very busy,” said Andrew Murray, a Realtor with Martha Murray Real Estate active in the Mid-Cape area. “There are plenty of buyers, but we need to create more inventory.”